10 Best Mortgage Refinance of 2017
Take advantage of lower mortgage rates & make your monthly payments more affordable. To learn how mortgage refinance can help you lower your monthly mortgage payments call 844-572-9022.
Mortgage Refinance is paying off your existing home loan by replacing it with a new one, with new rates and terms. Most homeowners refinance to obtain better interest rates, change the duration of the loan, to consolidate debt, to tap into home equity to finance a large purchase, or to switch between fixed or adjustable of rates.
Mortgage Refinance can be a great solution to help lower monthly payments when interest rates have dropped, or because your credit score has improved significantly and you can therefore obtain a better rate. It can also shorten the life of your loan if you can afford steeper monthly payments, and help you change between types of interest rates.
The crucial factors to consider when choosing a mortgage refinance lender are the type of loan they offer, the difference to the life of your current loan, the difference in monthly payments, whether closing costs and fees make the refinance unviable, and how long you’re planning on staying in your home. Before starting to comparison-shop, ask yourself what you wish to obtain through the refinance, and if it makes sense as part of a larger financial plan for your future.
For instance, if you’re not planning on staying in your home long enough to recoup the closing costs, refinance may not be advisable. Another possibility is refinancing for a larger amount than your current mortgage, by tapping into your home equity, but this means taking on more debt and paying more interest in the long run. A similar problem occurs when you refinance to a longer term, which lowers your monthly rate, but extends the life of your loan, forcing you to pay more interest. Lastly, refinancing to consolidate and pay off high-interest debt can backfire if it’s not accompanied by effective budgeting.
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Best Mortgage Refinance: Summed Up
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How We Compare Mortgage Refinance
Customer Questions & Answers
What is mortgage refinancing?
Mortgage refinancing replaces an existing mortgage with a new one in order to obtain a better interest rate, or to switch from a variable to fixed structure. This process is more advisable for those with good credit than bad, especially in times of economic uncertainty. If handled irresponsibly, interest rates can increase rather than decrease.
What is a HARP loan?
A Home Affordable Refinance Program (HARP) loan is one backed by the Federal Housing Finance Agency. It is intended for those homeowners who are up-to-date on their mortgage payments, but have very little equity in their homes. In practice, HARP loans are used to help qualified borrowers refinance their home mortgages.
When should I refinance my mortgage?
The best time to refinance a mortgage is within the first third of the term, as monthly installments during that period largely go towards interest repayment. In the case of a 30 year term, refinancing for a lower interest rate within the first 10 years will yield more demonstrable effects than later in the term.
Who should refinance their mortgage?
Mortgage refinancing is best for those with good credit whose current mortgage has an interest rate above the nationwide average. Conversely, if the borrower has bad credit, then their mortgage interest rates could increase, rather than decease. If the borrower cannot afford said increase, then they should not attempt to refinance.